What do marketers really want from a TV attribution solution, and how does that compare to what they are able to employ today? Thanks to our research partner Advertiser Perceptions, we’ve been able to answer these questions in a study we commissioned that dives into the evolving TV measurement landscape. Read on for three key takeaways based on a survey with advertising decision makers, who revealed how they really feel about advertising measurement in the TV space.
1. Ask more of your TV attribution solutions
According to the study, while most advertisers rate attribution tools as “Good,” many still report difficulties with measuring attribution effectively. Recognizing that TV advertising consumes a large share of their budgets, advertisers are settling for attribution solutions that are “good enough” in order to get basic metrics to report.
However, advertisers should require more from their TV attribution partners. Currently, the top challenges advertisers cited with regard to TV ad effectiveness measurement were “insufficient attribution metrics” and “inability to include TV in cross-platform media measurement.” To solve for these challenges, they need to identify partners who offer real-world attribution metrics as well as cross-platform media measurement, at a minimum. This is the new standard, and advertisers who do not measure in this way will get left behind.
2. Enhance attribution with location intelligence
In searching for a universal metric for attribution, the industry has long overlooked the most helpful one of all: location intelligence. By providing a window into the full customer journey, location intelligence can be an actionable center for measurement and analysis.
Footfall attribution for TV uses location data to reveal real-world actions of consumers such as in-store visits, so that advertisers can see whether their TV ads in fact drove consumers to store. This store visit can then be linked to an in-store sale, and thus provide a rock-solid KPI for TV advertisers.
Currently, about 75% of agencies and marketers use location data for attribution, but they haven’t tapped into the full range of use cases here. They are missing opportunities to take location-based attribution to its full potential, such as using footfall data to understand the relative impact of different channels in the customer journey. Advertisers can then use footfall attribution to refine their target audiences and create a feedback loop that helps them optimize their spend.
3. Look for privacy, granularity, scale, and ease of use
In a crowded attribution space, advertisers are growing increasingly frustrated by attribution and location partners that don’t follow through on their measurement promises. In particular, industry leaders expressed skepticism for any location or attribution solution that claimed interoperability, privacy compliance, and scale.
Yet the ideal measurement partner would deliver all of the above, along with granularity. An attribution measurement investment needs to hit the criteria of privacy, granularity, scale, and ease of use in order to yield full value.
When evaluating a location partner for attribution, it all comes back to the quality of the data. Using high-quality data will ensure you gain meaningful campaign insights, enabling you to develop campaigns that resonate more with your target audience and ultimately grow ROAS for your TV campaigns.For more insights on the evolving TV measurement landscape, be sure to check out our white paper.